The Trustees present their report and accounts for the year ended 31 December 2019.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in UK and Republic of Ireland (effective 1st January 201 9 ).
Further to its governing document the aims and objectives of the charity are:
(i) increase awareness,of breast cancer and encourage people to be tested much earlier .
(ii) provide funds for research into cures of breast cancer, particularly secondary breast cancer , and
(iii) to provide funding support to sufferers and carers of breast cancer .
The Trustees confirm that, in their opinion, they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission, in the exercise of their powers and responsibilities as detailed in the trust deed and under charity law.
In order to achieve these objectives the Trustees organise fundraising events. The charity has, as at the balance sheet date, distributed £1, 188 ,000 (2018: £1,1 62 ,000 ) to assist the breast cancer research centre of the charity Breast Cancer Now since inception. With your support, we will be continuing our research into understanding metastasis - the process by which cancer leaves the breast and spreads to another part of the body. Their vision is a world free from breast cancer. Their mission is to save lives through improving early diagnosis, developing new treatments and preventing all types of breast cancer.
The Trustees also decided to support Breast Cancer Haven - the only national charity which provides free one-to-one emotional and physical support to improve the lives of anyone affected by breast cancer. Our mission was to raise £ 1 million in order to open The Future Dreams H ouse that will service North, East and Central London. The new Future Dreams H ouse will be a multi-faceted support centre offering practical advice, emotional and psychological support and wellbeing and complementary therapies in a caring environment.
Our mission
Future Dreams mission is to raise vital funds towards breast cancer Support, Awareness and Research.
Support
Future Dreams achieved its long-term goal in finding a perfect location for Future Dreams House, the London home to Breast Cancer Haven. And we are delighted to report that work is well advanced turn the 6,000 sq ft site in Kings Cross into the only complementary breast cancer support centre in the capital. W e are hoping to open the doors of our new House in Spring 2021. We expect at least 1,200 women to find warmth, inspiration, practical help and support in the first year. We will be committing to funding this for at least a decade.
As detailed earlier in this report a major fund raising drive has been underway for some time and we are happy to report that the target set has now been reached. As a result i n November 2019, the Company entered into a Collaboration Agreement with Breast Cancer Haven – a separate charity. The agreement sets out the terms and conditions upon which both parties have agreed to collaborate and co-operate in order to ensure the successful refurbishment, opening and running of Future Dreams House in Birkenhead Street, Kings Cross, London. As part of this agreement, Future Dreams agreed to contribute towards the Refurbishment Costs for Future Dreams House of up to £971,250. This sum was paid over towards the end of the year as detailed in note 8.
We continue to work together with Breast Cancer Haven, the UK’s leading charity specialising in one-to-one physical, emotional and practical support. Women and their families will have access to their complementary services during and after their treatment. Future Dreams House will be a safe space where patients will be supported by clinicians and professionals and be alongside women, and men, going through a similar experience.
Visitors can seek support during and beyond their clinical treatment, and receive free therapeutic and psychological help from professionals working closely with the NHS, private health care, GPs and hospitals. The new location, a few minutes’ from Kings Cross station, will increase visitor numbers by 50 per cent, compared to the previous Haven centre in Fulham.
In the meantime, Future Dreams continued to fund a support service with Breast Cancer Haven at The Whittington Hospital, Archway. This complimentary service provides vital support to women suffering from breast cancer, offering complementary therapies, counselling services, nutritional advice and other care in a non-clinical environment.
Research
Future Dreams has always be en dedicated to supporting research – especially research into secondary breast cancer, which affected our founders, mother and daughter Sylvie Henry and Danielle Leslie. We are in our final year of funding a pioneering research programme with Dr William Brackenbury for Breast Cancer Now, with whom we have a long-standing relationship. We committed to funding this lab for three years, starting in 2017, and we are helping Dr Brackenbury and his team to discover more about secondary breast cancer.
Future Dreams has also funded a further research project with UCLH for a dedicated Breast Coil to perform Hyperpolarised imaging, which will allow doctors to examine breast cancers in far greater detail. Some cancers are more active and aggressive than others, so hyperpolarised imaging potentially allows the team to identify the most aggressive cancers earlier on in a patient’s treatment trajectory.
Awareness
We have continued to strengthen our partnerships with prestigious brands including Estée Lauder, Melissa Odabash, Lancôme, L’Oréal, Lola Rose, Wild at Heart, Lily and Lionel and Grace, Belgravia.
Future Dreams launched its first awareness course Lunch & Learn. It focusses on employee wellbeing by presenting workplace Lunch & Learn sessions. We have started in London but plan to expand across the country. Our aim is to spread breast cancer awareness and discuss simple and safe self-checking, reducing any stigma by vocalising and normalising the importance of checking your breasts and knowing the changes to look for. The presentations are followed by a Q&A with a member of the team who has been touched by breast cancer.
We have also supported the Change and Check campaign, so that one million stickers could be distributed to retailers including John Lewis, Monsoon, Accessorize, Royal Mail, Dorothy Perkins, David Lloyd and The Welsh Ambulance service. The stickers, the brainchild of Future Dreams ambassador Helen Addis, encourage women to check their breasts while in changing rooms.
Other fundraising events throughout the year included our annual Ladies Lunch, Golf Day, the Royal Parks Half Marathon, an International Women’s Day Tea and the Nail Breast Cancer Campaign.
Plans For Future Periods
Continue our drive to establish Future Dreams House which will be the only complimentary breast cancer support centre in London.
Continue to fund breast cancer research projects.
Continue to strengthen our brand partnerships.
Expand our Lunch & Learn Awareness courses.
The net expenditure for the year amounted to £731,061 (2018: Income £80,166).
The gross income totalled £1,112,103 (2018:£767,303). The increase arose due to more donations received by the charity and an increase in the number of events held.
Total expenditure amounted to £1,843,164 (2018: £687,137). The increase was directly attributable to our investment in Future Dreams House.
The charity does not have a formal reserves policy, The stated aim of the charity is to distribute all funds raised to selected charities involved in cancer research and care. The majority of costs arising relate to ongoing fundraising events which are self funding. Thus it is not necessary for the charity to hold anything other than minimal resources.
The charity has a trading subsidiary (see note 12). This is used to raise funds for the charity and sells products related to the activities of the charity. In the year under review the subsidiary did not trade.
As well as the capital sum committed towards the Refurbishment Costs for Future Dreams House of £971,250. Future Dreams has also committed to pay to Breast Cancer Haven a contribution towards the annual operating costs associated with Future Dreams House, which effectively (after other third party contributions are taken into account) are £72,500 for a 5 year period from the date of commencement of the lease of Future Dreams House and £122,500 for a further 5 years there after . These commitments will be paid out of future income arising and therefore they have not been included in the accounts.
Risk assessment
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finance of the charity, and have developed a risk management strategy which involves the following:
- an annual review of the principal risks and uncertainties that the charity and its subsidiaries face
- the establishment of policies, systems and procedures to mitigate risks identified
- the implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise
The Trustees, who are also the directors for the purpose of company law, and who served during the year were:
The Trustees have the power to appoint new Trustees at their discretion. Trustees are provided with appropriate training to ensure they are kept up to date with current regulation and practice.
None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £10 in the event of a winding up.
The Trustees administer the charity on an ongoing basis and meet at least three times a year to discuss policy matters and specific requests for funding. The charity is administered on a day to day basis by Samantha Landesberg who reports directly to the Board.
Having reviewed the charity ’s financial forecasts and expected future cash flows , the trustees have a reasonable expectation that the c harity has adequate resources available to continue in operational existence for the foreseeable future, a period of not less than 12 months from the date of approval of these financial statements.
In light of the recent Coronavirus outbreak in the UK and the likely economic disruption that this will cause, the trustees have considered the impact that this could have on the c harity 's future prospects. Like many c harities the result of the charit y is impacted by the health of the economy. Therefore, a potential downturn in the economy is likely to have an impact upon the charity ’s turnover. Having considered this, and taking into account government support, the trustees expect the impact on turnover to be limited to the short-term and therefore does not believe it to pose a significant risk to the long-term trading of the business.
Accordingly, the trustees continue to adopt the going concern basis in preparing the financial statements for the year ended 31 December 2019. Further details regarding adoption of the going concern basis can be found in note 1.2 to the financial statements.
The Trustees' R eport was approved by the Board of Trustees.
The Trustees, who are also the directors of Future Dreams Trust Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Opinion
We have audited the financial statements of Future Dreams Trust Limited (the ‘charity’) for the year ended 31 December 2019 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
the Trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other information
The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
the information given in the financial statements is inconsistent in any material respect with the Trustees' r eport; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records; or
we have not received all the information and explanations we require for our audit.
As explained more fully in the s tatement of Trustees' r esponsibilities, the Trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Fundraising activities
Future Dreams Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 73 Cornhill, London EC3 3QQ.
These accounts have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), “Accounting and Reporting by Charities” the Statement of Recommended Practice for charities applying FRS 102, the Companies Act 2006 and UK Generally Accepted Accounting Practice as it applies from 1 January 201 9 . The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
Group financial statements
The charity has a subsidiary company as detailed in note 12. No consolidation has been carried out on the basis that it is a small group and in the opinion of the Trustees , no advantage would accrue from any such course of action.
The financial statements have been prepared on the going concern basis, which the trustees believe to be appropriate for the following reasons.
In light of the recent Coronavirus outbreak in the UK and the likely economic disruption that this will cause, the trustees have considered the impact that this could have on the charity 's future prospects. Like many charitie s the result of the charity is impacted by the health of the economy. Therefore, a potential downturn in the economy is likely to have an impact upon the c harity ’s turnover. Having considered this, and taking into account government support, the trustees expect the impact on turnover to be limited to the short-term and therefore do not believe it to pose a significant risk to the long-term trading of the business.
The trustees have reviewed the charity's current cash position , and for a minimum period of at least 12 months from the date of approval of these financial statements, the charity will be able to meet its liabilities as and when they fall due.
Having made the appropriate enquiries, the trustees consider it appropriate to prepare the financial statements on the going concern basis.
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All resources expended are accounted for on an accruals basis. Irrecoverable vat is charged to the expenses to which it relates.
Charitable expenditure includes grants made to individuals and institutions which are included in the accounts when paid or when a firm commitment is given to a charity prior to the balance sheet date which is a constructive obligation. Support costs are also included under this heading.
The costs
of raising
funds are represented by
costs incurred in inducing people and organisations to contribute financially to the charity's work. This includes the cost of advertising for donations and the staging of fundraising events.
.
Support costs comprise costs directly associated with the governance of the charity.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
Pensions
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Event direct costs
Event support costs
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. No expenses were reimbursed to the Trustees in the year.
There were 4 employees (on average) during the year responsible for the administration of the charity.
The charity owns the whole of the issued share capital of the Future Dreams Trading Limited which is registered in the United Kingdom. The company did not trade in the year.
The company does not have a share capital as it is limited by guarantee.
The auditor's report was unqualified.
There was a balance due at the balance sheet date of £8,614 (2018: £8,614) from Future Dreams Trading Ltd which is a wholly owned subsidiary to the charity.